Nvidia CEO Jensen Huang sells shares worth $500 million

The recent sales by Nvidia CEO Jensen Huang have sparked a notable reaction in the financial markets. By selling a record amount of Nvidia shares last month, his disposals this summer have totaled nearly $500 million. These sales occurred before a tech-driven stock correction was triggered by weak quarterly results and soft economic data. Huang sold $322.7 million worth of Nvidia shares in July, according to filings with the U.S. Securities and Exchange Commission. His sales are part of a pre-arranged trading plan filed in March and took place at a well-chosen time, just before the broader technology market came under selling pressure. The Nvidia stock, in particular, had already been under pressure even before the recent market turmoil. Investors are increasingly doubting how the high expenditures on artificial intelligence will impact the company's profits. While Nvidia's stock price fell another 7 percent on Monday, the total decline over the last month amounts to around 20 percent. Huang's stock sales are part of a broader wave of sales within the company itself. According to an analysis by Bloomberg, Nvidia insiders have sold over $1 billion worth of shares this year. Since 2020, Huang has personally disposed of $1.4 billion worth of shares and plans, according to another filing, to continue selling his holdings through August.